Gower's principles of modern company law:
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| Vorheriger Titel: | Davies, Paul L. Gower and Davies' principles of modern company law |
|---|---|
| Beteiligte Personen: | , |
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
London
Sweet & Maxwell
2016
London Thomson Reuters |
| Ausgabe: | Tenth edition |
| Schriftenreihe: | Classics series
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029087688&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | cxxxviii, 1225 Seiten |
| ISBN: | 9780414056268 |
Internformat
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| 245 | 1 | 0 | |a Gower's principles of modern company law |c Paul L. Davies QC (hon),FBA, Allen & Overy Professor of Corporate Law Emeritus, Senior Research Fellow, Harris Manchester College, University of Oxford, Sarah Worthington QC (hon), FBA, Downing Professor of the Laws of England and Fellow of Trinity College, University of Cambridge ; with a contribution from Dr. Eva Micheler, Reader in Law, London School of Economics and Political Science, Ao Universitätsprofessor, Wirtschaftsuniversität Wien |
| 246 | 1 | 3 | |a Principles of modern company law |
| 250 | |a Tenth edition | ||
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Datensatz im Suchindex
| _version_ | 1819333668177444864 |
|---|---|
| adam_text | TABLE OF CONTENTS
PAGE
Preface.............................................................—v
Table of Abbreviations...............................................vii
Table of Cases................................................... xxxix
Table of Statutes..................................................xciii
Table of Statutory Instruments......................................cxxi
Table of European Material........................................cxxvii
Table of Takeovers Code.......................................... cxxxv
PARA
PART 1
Introductory
1. TYPES AND FUNCTIONS OF COMPANIES
Uses to Which the Company May Be Put............................1-1
Business vehicles: companies and partnerships (limited and
unlimited)
Partnership Act 1890 and Companies Act 2006................1—2
Limited Liability Partnerships Act 2000....................1-4
Limited Partnership Act 1907...............................1—5
Non-business vehicles: charitable, community interest and
limited by guarantee companies
Not-for-profit companies...................................1—6
Company limited by guarantee...............................1—8
Company limited by shares............................... 1—11
Community Interest Company (“CIC”)........................1—12
The advantages of the modem corporate form..................1—13
Different Types of Registered Companies.........................1-17
Public and private companies................................1—18
Officially listed and other publicly traded companies.......A-22
Limited and unlimited companies.............................1—27
Classification according to size: large, medium and micro
companies............................................... 1—28
Classification according to activity: for-profit and
not-foi*-profit companies............................. 1-29
XI
CONTENTS
xii
Unregistered Companies and Other Forms of
Incorporation
Statutory and chartered companies........................1—31
Building societies, friendly societies and co-operatives.1—34
Open-ended investment companies..........................1—36
European Union Forms of Incorporation
European Economic Interest Grouping......................1-37
The European Company (societas europaea or “SE”).........1-40
Conclusion..................................................1-47
2. ADVANTAGES AND DISADVANTAGES OF
INCORPORATION
Legal Entity Distinct from its Members.......................2-1
Limited Liability............................................2-9
Property....................................................2-16
Suing and being Sued........................................2-18
Perpetual Succession........................................2-19
Transferable Shares.........................................2-24
Management under a Board Structure..........................2-27
Borrowing...................................................2-31
Taxation....................................................2-34
Formalities and Expense.....................................2-35
Publicity
The company’s affairs....................................2—39
The company’s members and directors......................2—40
“People with significant control”—the PSC Register.......2-42
Conclusion..................................................2—48
3. SOURCES OF COMPANY LAW AND THE COMPANY’S
CONSTITUTION
Sources......................................................3-1
Primary legislation.......................................3—3
Secondary legislation.....................................3-5
Delegated rule-making
The Financial Conduct Authority.....................3—7
Financial Reporting Council.............................3—9
Common law...............................................3—10
CONTENTS
xiii
Review and reform............................................3—11
The Company’s Constitution
The significance of the constitution.........................3-13
Model articles of association................................3-14
What constitutes the constitution?...........................3-16
The legal status of the constitution........................3-18
(i) The parties to the contract............................3—19
(ii) The contract as a public document.....................3—20
(Hi) Limits to the provisions which can be enforced: only
rights “as a member”...................................3—23
(iv) Further limits to the provisions which can be
enforced: not mere procedural irregularities...........3—27
(v) A Itering the contract...............................3—31
Shareholder Agreements...........................................3-33
The European Company.............................................3-36
4. FORMATION PROCEDURES
Formation of Different Types of Company...........................4-1
Statutory companies...........................................4—2
Chartered companies...........................................4-3
Registered companies..........................................4-4
Forming a Company by Registration
Registration documents........................................4-5
Certificate of incorporation..................................4-7
Purchase of a shelf-company...................................4—9
Choice of Type of Registered Company.............................4-10
Choice of Company Name...........................................4-13
Warning the public about limited liability or other status...4-14
Prohibition on illegal or offensive names....................4-16
Names requiring special approval.............................4-17
Prohibition on using a name already allocated................4-18
Restrictions on use of a defunct company s name—phoenix
companies....................................................4-19
Use of a business name other than the corporate name.........4—20
Mandatory and Elective Name Changes..............................4-22
Requirements to change a name................................4-23
Passing off actions..........................................4-25
Company names adjudicators...................................4—27
Company’s election to change its name........................4—30
Effect of a name change......................................4-31
Choice of Appropriate Articles...................................4-32
XIV
CONTENTS
Challenging the Certificate of Incorporation................4-34
Commencement of Business....................................4-38
Re-Registration of an Existing Company......................4-39
(i) Private company becoming public.....................4-40
(ii) Public company becoming private limited company....4—41
(iii) Private or public limited company becoming
unlimited............................................4-43
Ban on vacillation between limited and unlimited......4—44
(iv) Unlimited company becoming a private limited
company..............................................4-45
(v) Becoming or ceasing to be a community interest
company..............................................4-46
Conclusion..................................................4—47
5. PRE-INCORPORATION AND INITIAL CORPORATE
CONTRACTING
Introduction.................................................5-1
“Promoters” and their Dealings with the Company
Meaning of “promoter”....................................5—2
Duties of promoters......................................5—6
(a) Statutory rules....................................5—1
(b) Common law and equitable rules....................5—10
(c) Full disclosure and consent.......................5—11
Remedies for breach of promoters’ duties................5-15
Remuneration of promoters...............................5—21
Preliminary Contracts Entered Into by Promoters.............5-23
Companies’ Pre-Incorporation Contracts......................5-24
Conclusion..................................................5-29
6, OVERSEAS COMPANIES, EU LAW AND CORPORATE
MOBILITY
Overseas Companies...........................................6-2
Establishment: branch and place of business..............6-4
Disclosure obligations...................................6-5
Execution of documents and names.........................6-7
Other mandatory provisions...............................6-8
Company Law at EU Level
Harmonisation............................................6-9
A new approach and subsidiarity.........................6—12
EU forms of incorporation...............................6—13
The single financial market and company law ............6—14
CONTENTS xv
Corporate governance..........................................6-15
Reform of the existing directives.............................6-16
Corporate Mobility................................................6-17
Domestic rules................................................6-18
EU law: initial incorporation.................................6-20
EU law: subsequent re-incorporation...........................6—24
EU law: alternative transfer mechanisms.......................6-27
Conclusion....................................................6-28
Conclusion........................................................6-30
PART 2
Separate Legal Personality and Limited Liability
7. CORPORATE ACTIONS
Introduction.......................................................7-1
Contractual Rights and Liabilities.................................7-4
Contracting through the board or the shareholders
collectively...................................................7-5
Constructive notice and the rule in Turquand’s case............7-6
Statutory protection for third parties dealing with the
board...................................................... 7-9
(a) “In favour of a person dealing with a company in
good faith ”................................................7-10
(b) “Dealing with a company ”...............................7—11
(c) Persons.................................................7-12
(d) The directors...........................................7-13
(e) Any limitation under the company s constitution.........7—14
(f) The internal effects of lack of authority...............7—15
Contracting through agents....................................7-16
Agency principles.............................................7-18
Establishing the ostensible authority of corporate agents.....7-20
Knowledge.....................................................7-24
Knowledge of the constitution as an aid to third parties?.....7—26
Ratification..................................................7-27
Overall................................................... 7-28
The ultra vires doctrine and the objects clause...............7-29
Tort and Crime....................................................7-30
Tortious liability
Vicarious liability.........................................7—31
Assumption of responsibility.............................. 7—32
Fraud.......................................................7-33
Recovery by the company from the agent......................7—34
Liability of non-involved directors.........................7—35
XVI
CONTENTS
Accessory liability.......................................7—36
Direct liability..........................................7—37
Criminal liability..........................................7—38
Regulatory offences.......................................7—39
Identification............................................7-40
Beyond “directing mind and will”..........................7-41
Criminal liability of directors...........................7—42
Corporate manslaughter....................................7—43
Sanctions.................................................7—44
Personal liability under the 2007 Act.....................7-45
Failure to prevent criminal acts..........................7-46
Litigation by the company...................................7-47
Conclusion......................................................7-48
8. LIMITED LIABILITY AND LIFTING THE VEIL
The Rationale for Limited Liability..............................8-1
Legal Responses to Limited Liability.............................8-5
Disclosure of information....................................8-6
Lifting the Veil.................................................8-7
Under statute or contract....................................8-8
At common law...............................................8-10
The “single economic unit ” argument......................8—11
Façade or sham............................................8—12
The agency and trust arguments............................8-13
The interests of justice..................................8—14
Impropriety...............................................8-15
Conclusion......................................................8-17
9. PERSONAL LIABILITY FOR ABUSES OF LIMITED
LIABILITY
Premature Trading................................................9-3
Fraudulent and Wrongful Trading..................................9~4
Civil liability for fraudulent trading.......................9—5
Wrongful trading.............................................9—6
Shadow directors...........................................9—7
The declaration............................................9—8
Impact of the wrongful trading provisions..................9—9
Common Law Duties in Relation to Creditors......................9-11
Phoenix Companies and the Abuse of Company Names................9-16
The prohibition.............................................9-17
Exceptions..................................................9-19
CONTENTS xvii
Misdescription of the Company and Trading
Disclosures................................................... 9-20
Company Groups
Limited liability...........................................9—21
Ignoring separate legal personality.........................9-24
Conclusion......................................................9-25
10. DISQUALIFICATION OF DIRECTORS
Disqualification Orders and Undertakings........................10-2
Scope of disqualification orders and undertakings...........10—3
Compensation................................................10-4
Disqualification on Grounds of Unfitness........................10-5
The role of the insolvency Service........................ 10-7
The role of the court......................................10-8
Breach of commercial morality...........................,.10—9
Recklessness and incompetence.......................... 10— 10
Disqualification on Grounds other than Unfitness
Serious offences...........................................10-12
Disqualification in connection with civil liability for
fraudulent or wrongful trading.............................10-13
Failure to comply with reporting requirements..............10-14
Register of Disqualification Orders............................10-15
Bankrupts................................................ 10-16
Other Cases....................................................10-17
Conclusion.....................................................10-18
11. LEGAL CAPITAL, MINIMUM CAPITAL AND
VERIFICATION
Meaning of Capital..............................................11-1
Nominal Value and Share Premiums
Nominal value.................................. .......11-3
No issue of shares at a discount..................... ...11^4
The share premium..................... ....................11-6
Minimum Capital........................... ................11-8
Objections to the minimum capital requirement...............11-9
Disclosure and Verification ................................. 11-10
Initial statement and return of allotments.................11—11
Abolition of authorised capital................... .....11—12
CONTENTS
xviii
Consideration received upon issue.........................11-13
Rules applying to all companies.........................11-14
Public companies........................................11—15
Valuation of non-cash consideration.....................11-16
Further provisions as to sanctions......................11—18
Share capital and choice of currency......................11-19
Capitalisation Issues...................................... 11-20
Conclusion...................................................11-21
12, DIVIDENDS AND DISTRIBUTIONS
The Basic Rules...............................................12-1
Public and private companies...............................12-2
Identifying the Amount Available for Distribution.............12-5
Interim and initial accounts...............................12-6
Interim dividends........................................ 12—7
Adverse developments subsequent to the accounts............12-8
Disguised Distributions.......................................12-9
Intra-group transfers.....................................12-11
Consequences of Unlawful Distributions
Recovery from members.....................................12-12
Recovery from directors...................................12-13
Reform.......................................................12-15
The central issues........................................12—16
13. CAPITAL MAINTENANCE
Acquisitions of Own Shares
The general prohibition........................................13—2
Acquisition through a nominee...............................13—3
Company may not be a member of its holding
company.....................................................13—4
Specific exceptions to the general prohibition..............13—5
Redemption And Re-Purchase
Introduction...................................................13—7
Some history................................................13—8
General restrictions on redeemable shares and on
repurchases.................................................13—9
Creditor protection: all companies............................13—11
Private companies: redemption or purchase out of capital......13—12
Directors ’ statement......................................13—14
Shareholder resolution.....................................13—15
Appeal to the court........................................13—16
Legal capital consequences.................................13—17
CONTENTS
xix
Protection for shareholders................................13-19
Off-market purchases.....................................13—20
Market purchases.........................................13—21
Companies with a premium listing.........................13—22
Payments otherwise than by way of the price................13-23
Treasury shares.............................................13—24
Sale of treasury shares..................................13—26
Whilst the shares are in treasury........................13—27
Failure by the company to perform..........................13-28
Conclusion.................................................13-29
Reduction of Capital
Why are reductions of capital allowed?.....................13—30
The statutory procedures...................................13—3 3
Procedure applying to all companies.........................13—34
Creditor objection........................................13—35
Confirmation by the court.................................13—36
Procedure available to private companies only...............13—39
Solvency statement........................................13—40
Reduction, distributions and re-purchase..................13—43
Financial Assistance
Rationale and history of the rule...........................13-44
The prohibition.............................................13-47
The exceptions
Specific exceptions.......................................13—50
General exceptions........................................13—52
Exemption for private companies.............................13—55
Civil remedies for breach of the prohibition................13—56
Conclusion.....................................................13-5 9
PART 3
Corporate Governance: The Board and Shareholders
14. THE BOARD
The Role of the Board............................................14-1
The default provision in the model articles................ 14-3
The power of the board—the legal effect of the articles
The board and shareholders.................................14—5
The board and senior management............................14—9
Default and confirmation powers of the general meeting......14—11
Unanimous consent of the shareholders.....................14—15
The mandatory involvement of shareholders in corporate
decisions...................................................14-18
The mandatory functions of the directors....................14-21
XX
CONTENTS
Appointment of Directors.....................................14-23
Remuneration of Directors....................................14-30
Composition of the remuneration committee.................14-33
Mandatory shareholder approval of certain aspects of the
remuneration package
General.................................................14—3 4
Long-term incentive pay schemes..........................14—35
Mandatory and advisory shareholder votes on remuneration
policy and implementation..................................14-38
General disclosure: the directors’ remuneration report.....14—44
Removal of Directors.........................................14-48
Shareholders’ statutory termination rights.................14-49
Weighted voting rights...................................14—51
Director s procedural rights on termination..............14—52
Director s contractual rights on termination............14—53
Control of termination payments...........................14-56
Disclosure..............................................14-5 7
Shareholder approval....................................14—59
Structure and Composition of the Board.......................14-63
Legal rules on board structure............................14-64
Legal rules on board composition
Employee representatives.................................14—67
Gender diversity—women on boards.........................14—68
Corporate governance codes, The Cadbury Report and
non-executive directors..................................14—69
The requirements of the UK Corporate Governance
Code.......................................................14-75
Enforcement of the UK Corporate Governance Code............14-77
Conclusion...................................................14-81
15. SHAREHOLDER DECISION-MAKING
The Role of the Shareholders...................................15-1
Shareholder Decision-Making without Shareholder
Meetings
The nature of the problem...................................15-6
Written resolutions.........................................15-8
Where written resolutions not available..................15—10
The procedure for passing written resolutions............15—11
Written resolutions proposed by members..................15—13
Wider written resolution provisions under the articles...15—14
Unanimous consent at common law............................15—15
Improving Shareholder Participation
Analyses of shareholder participation......................15-22
CONTENTS xxi
The role of institutional investors...........................15-25
Conflicts of interest and inactivity..................... 15—27
“Fiduciary investors ”.....................................15—29
The UK Stewardship Code....................................15-30
The role of indirect investors................................15-31
Governance rights—voluntary transfer arrangements for
all companies..............................................15—34
Information rights—mandatory transfer options in traded
companies..................................................15—40
The Mechanics of Meetings.........................................15-42
What happens at meetings?.....................................15—43
Types of resolution........................................15—44
Wording and notice of proposed resolutions.................15—47
Convening a meeting of the shareholders.......................15—48
Annual general meetings....................................15—49
Other general meetings.....................................15-51
Meetings convened by the court.............................15—53
What is a meeting?............................................15-55
Getting items onto the agenda and expressing views on
agenda items..................................................15—56
Placing an item on the agenda..............................15—57
Circulation of members statements.........................15-59
Notice of meetings and information about the agenda...........15-60
Length of notice...........................................15-61
Special notice.............................................15—63
The contents of the notice of the meeting and circulars..15—65
Communicating notice of the meeting to the members.........15—66
Attending the meeting
Proxies....................................................15—67
Corporations * representatives.............................15—72
Voting and verification of votes
Voting as a governance issue...............................15—73
Votes on a show of hands and polls.........................15—75
Verifying votes............................................15—76
Establishing who is entitled to vote.......................15—77
Publicity for votes and resolutions........................15—78
“Empty ” voting............................................15—81
Miscellaneous matters
Chairman...................................................15—82
Adjournments...............................................15—83
Class meetings.............................................. 15—84
Forms of communication by the company.................... 15—85
Forms of communication to the company.................... 15—86
Conclusion...................................................... 15-87
XXII
CONTENTS
16. DIRECTORS’ DUTIES
Introduction.....................................................16-1
To Whom and by Whom are the Duties Owed?
To whom are the general duties owed and who can sue for
their breach?
The company.................................................16-4
Individual shareholders.....................................16—5
Other stakeholders..........................................16—7
By whom are the general duties owed?
De facto and shadow directors...............................16—8
Senior managers............................................16—11
Former directors...........................................16—13
Directors of insolvent companies...........................16—14
Directors’ Duties of Skill, Care and Diligence
Historical development.......................................16-15
The statutory standard.......................................16-16
Remedies.....................................................16-20
Introduction to Directors’ Various Duties of Good Faith
and Loyalty
Historical background........................................16-21
Categories of duties.........................................16-22
Duty to Act within Powers........................................16-23
Acting in accordance with the constitution
Constitutional limitations.................................16—24
Other situations?..........................................16—25
Improper purposes
The rule...................................................16—26
Which purposes are improper?...............................16-27
When is a power exercised for improper purposes?...........16—29
Remedies.....................................................16-30
Duty to Exercise Independent Judgment............................16-33
Taking advice and delegating authority.......................16-34
Exercise of future discretion................................16—35
Nominee directors......................................... .16-36
Duty to Promote the Success of the Company
Settling the statutory formula...............................16-37
Interpreting the statutoiy formula
Defining the company’s success.............................16—40
Failure to have regard, or due regard, to relevant
matters....................................................16—41
A duty to disclose wrongdoing..............................16-45
The problem of ushort-termism ”............................16—46
Corporate groups...........................................16-47
CONTENTS xxiii
Employees.................. ...............................16-4 8
Creditors...................................................16-49
Donations...................................................16—50
OVERVIEW OF THE NO-CONFLICT RULES ................................16-52
Transactions with the Company (Self-Dealing)
The scope of the relevant provisions..........................16-54
Approval mechanisms..........................................16-5 5
Duty to declare interests in relation to proposed transactions
or arrangements..............................................16-5 7
Purpose of the disclosure requirement.......................16—58
Who is subject to this duty?............................... 16-59
The interests to be disclosed...............................16—60
Methods of disclosure......................................16-61
Remedies....................................................16—62
A continuing role for the articles in setting tighter
constraints................................................ 16—63
Duty to declare interests in relation to existing transactions
or arrangements...............................................16-64
Methods of disclosure.......................................16—65
Remedies....................................................16—66
Transactions between the Company and Directors
Requiring Special Approval of Members.............................16-67
Relationship with the general duties..........................16-68
Substantial property transactions
The scope of the requirement for shareholder approval.......16—70
Exceptions..................................................16-72
Remedies....................................................16-73
Additional rules for listed companies.......................16—77
Loans, quasi-loans and credit transactions
Arrangements covered........................................16—78
Method of approval and related disclosures..................16—81
Exceptions..................................................16—82
Remedies....................................................16—83
Directors’ service contracts and gratuitous payments to
directors.....................................................16-84
Political donations and expenditure...........................16-85
Conflicts of Interest and the Use of Corporate Property,
Information and Opportunity
The scope and functioning of section 175.................... 16-86
A strict approach to conflicts of interest.................. 16-87
Identification of “corporate” opportunities...................16-89
Issues of scope............................................16-90
Effect of director s resignation............................16-94
Effect of board determinations of scope ....................16-95
XXIV
CONTENTS
Competing and multiple directorships.......................16-99
Competing with the company..............................16—100
Multiple directorships..................................16-102
Approval by the board.....................................16—103
A conceptual issue........................................16—105
Remedies..................................................16-106
Duty not to Accept Benefits from Third Parties
The scope of section 176..................................16-107
Remedies..................................................16-108
Remedies for Breach of Duty...................................16-109
(a) injunction or declaration.............................16-110
(b) Damages or compensation...............................16—111
(c) “Restoration” of property.............................16-112
(d) Avoidance of contracts................................16-113
(e) Accounting for profits: disgorgement of disloyal
gains.................................................16-114
(f) Summary dismissal.....................................16-116
Shareholder Approval or “Whitewash” of Specific
Breaches of Duty..............................................16-117
What is being decided?....................................16-118
Who can take the decision for the company?................16-119
Disenfranchising particular voters........................16-121
Voting maj orities........................................16-123
Non-ratifiable breaches...................................16-124
General Provisions Exempting Directors from Liability
Statutory constraints.....................................16-125
Conflicts of interest.....................................16-126
Provisions providing directors with an indemnity..........16-128
Insurance...............................................16-129
Third party indemnities.................................16—130
Pension scheme indemnity..................................16-132
Relief Granted by the Court...................................16-133
Liability of Third Parties....................................16-134
Limitation of Actions.........................................16-138
Conclusion....................................................16-140
17. THE DERIVATIVE CLAIM AND PERSONAL ACTIONS
AGAINST DIRECTORS
The Nature of the Problem and the Potential
Solutions.......................................................17-1
The board and litigation....................................17-2
CONTENTS
XXV
The shareholders collectively and litigation......... 17-3
Derivative claims........................................ 17—4
Other possible solutions...................................17-7
The General Statutory Derivative Claim
The scope of the statutory derivative claim
The courts gatekeeper role..............................17-11
The types of claims covered by the statutory regime.....17—13
Shareholder claimants...................................17-16
Deciding whether to give permission for the derivative
claim.....................................................17-17
The prima facie case and judicial management of
proceedings.............................................17—18
Mandatory refusal of permission.........................17—19
Discretionaty grant of permission.......................17-20
Varieties of derivative claim
Taking over existing claims.............................17-22
Multiple derivative claims..............................17—24
The subsequent conduct of the derivative claim
General issues..........................................17—25
Information rights......................................17—26
Costs...................................................17—27
Restrictions on settlement..............................17—28
The Statutory Derivative Claim for Unauthorised
Political Expenditure.........................................17-29
Shareholders’ Personal Claims Against Directors...............17-32
Reflective loss...........................................17-34
Conclusion....................................................17-39
18. BREACH OF CORPORATE DUTIES: ADMINISTRATIVE
REMEDIES
Introduction...................................................18-1
Informal Investigations: Disclosure of Documents and
Information....................................................18-2
Formal Investigations by Inspectors
When inspectors can be appointed...........................18-5
Conduct of inspections
Extent of the inspectors *powers.........................18—7
Control of the inspectors ’powers...................... 18—8
Reports............................................... 18—10
Power of Investigation of Company Ownership...................18—11
Liability for Costs of Investigations.........................18-12
XXVI
CONTENTS
Follow-Up to Investigations.................................18-13
Conclusion................................................ 18-15
PART 4
Corporate Governance—Majority and Minority Shareholders
19. CONTROLLING MEMBERS’ VOTING
Introduction.................................................19-1
Review of Shareholders’ Decisions
The starting point........................................19—4
Resolutions where the company’s interests are centre
stage.....................................................19-6
Resolutions more generally.............................. 19-7
Resolutions to expropriate members’ shares................19-8
Other resolutions........................................19-10
The future...............................................19-11
Voting at class meetings............................... 19-12
Class Rights................................................19-13
The procedure for varying class rights...................19-14
What constitutes a Variation”...........................19-16
The definition of class rights...........................19-18
Other cases..............................................19-21
Self-help...................................................19-22
Provisions in the constitution...........................19-23
Shareholder agreements...................................19-25
Prior contracts........................................19—26
Binding only the shareholders..........................19 -28
Conclusion..................................................19-29
20. UNFAIR PREJUDICE
Introduction.................................................20-1
Scope of the Provisions......................................20-4
Independent Illegality and Legitimate Expectations or
Equitable Considerations.....................................20-6
Informal arrangements among the members...................20-7
The balance between dividends and directors’
remuneration.............................................20-10
Other categories of unfair prejudice.....................20-12
Prejudice and Unfairness
20-13
CONTENTS xxvii
Unfair Prejudice and the Derivative Action....................20-14
Reducing Litigation Costs.....................................20-18
Remedies......................................................20-19
Winding Up on the Just and Equitable Ground...................20-21
Conclusion....................................................20-23
PART 5
Accounts and Audit
21. ANNUAL ACCOUNTS AND REPORTS
Introduction
Scope and rationale of the annual reporting requirement....21-1
The classification of companies for the purposes of annual
reporting.................................................„21-2
Micro companies..........................................21—3
Small companies..........................................21—4
Medium-sized companies...................................21—5
Large companies and public interest entities.............21—6
The Annual Accounts
Accounting records.........................................21-7
The financial year.........................................21—8
Individual accounts and group accounts.....................21-9
Parent and subsidiary undertakings........................21—10
Parent companies which are part of a larger group.......21—11
Companies excluded from consolidation...................21—12
Form and content of annual accounts
Possible approaches.....................................21—13
True and fair view......................................21-14
Going concern evaluation................................21—15
Companies Act accounts..................................21-16
Accounting standards....................................21-17
IAS accounts............................................21—18
Applying the requirements to different sizes of
company............................................... 21—20
Notes to the accounts...................................21-21
Narrative Reporting...........................................21-22
Directors ’ report...................................... 21-23
The strategic report
Rationale and history...................................21—24
Contents of the Strategic Review........................21—25
Verification of narrative reports.........................21-26
Liability for misstatements in narrative reports........21-27
CONTENTS
xxviii
Approval of the Accounts and Reports by the
Directors.....................................................21-29
The Auditor’s Report........................................ 21-30
Revision of Defective Accounts and Reports....................21-31
Filing Accounts and Reports with the Registrar................21-33
Speed of filing...........................................21-34
Modifications of the full filing requirements.............21-35
Other information available from the Registrar............21-37
Confirmation statement..................................21—38
Other forms of publicity for the accounts and reports.....21-39
Consideration of the Accounts and Reports by the
Members
Circulation to the members................................21^40
Circulation of the Strategic Report only................21-41
Laying the accounts and reports before the members........21-42
Conclusion....................................................21-43
22. AUDITS AND AUDITORS
Introduction...................................................22-1
Sources of audit law.......................................22-2
The duties of the auditor..................................22—3
Overarching issues.........................................22-4
Audit Exemption
Small companies............................................22-5
Subsidiaries...............................................22-7
Dormant companies..........................................22—8
Non-profit public sector companies.........................22-9
Auditor Independence and Competence...........................22-10
Regulatory structure......................................22-11
Direct Regulation of Auditor Independence
Non-independent persons...................................22-12
Non-audit remuneration of auditors........................22-13
Auditors becoming non-independent.........................22—14
Auditors becoming prospectively non-independent...........22-15
The Role of Shareholders and the Audit Authorities............22-16
Appointment and remuneration of auditors..................22-17
Removal and resignation of auditors
Requirement for shareholder resolution..................22—18
Notifications...........................................22-19
Failure to re-appoint an auditor........................ 22-20
Whistle blowing...........................................22-21
CONTENTS
XXIX
Shareholders and the audit report...........................22—22
The Role of the Audit Committee of the Board
Introduction................................................22-23
Composition of the audit committee..........................22-24
Functions of the audit committee............................22-25
Auditor Competence..............................................22-26
Qualifications..............................................22-27
Auditing standards..........................................22-28
Quality assurance, investigation and discipline.............22-29
Empowering auditors.........................................22-30
Liability for Negligent Audit
The nature of the issue.....................................22-31
Providing audit services through bodies with limited
liability...................................................22-34
Claims by the Audit Client
Establishing liability......................................22-36
Limiting liability..........................................22-38
General defences..........................................22—39
Limitation by contract....................................22-42
Criminal liability..........................................22-43
Claims by Third Parties
The duty of care in principle...............................22^44
Assumption of responsibility................................22^47
Other issues................................................22-52
Conclusion......................................................22-53
PART 6
Equity Finance
23. THE NATURE AND CLASSIFICATION OF SHARES
Legal Nature of Shares...........................................23-1
The Presumption of Equality Between Shareholders.................23-4
Classes of Shares................................................23-6
Preference shares.......................................... 23-7
Canons of construction.....................................23—8
Ordinary shares............................................ 23-9
Special classes..............................................23-10
Conversion of shares into stock.............................23-11
XXX
CONTENTS
24. SHARE ISSUES: GENERAL RULES
Public and Non-Public Offers....................................24-2
Directors’ Authority to Allot Shares............................24-4
Pre-emptive Rights
Policy issues...............................................24-6
The scope of the statutory right............................24-7
Waiver.....................................................24-10
Sanctions..................................................24-12
Listed companies...........................................24—13
Pre-emption guidelines.....................................24—14
Criticism and further market developments..................24-15
The Terms of Issue.............................................24-17
Allotment......................................................24-18
Renounceable allotments....................................24—19
Failure of the offer...................................... 24-20
Registration...................................................24-21
Bearer shares..............................................24-22
Conclusion.....................................................24-23
25. PUBLIC OFFERS OF SHARES
Introduction....................................................25-1
Public offers and introductions to public markets...........25-2
Regulatory goals............................................25-3
Listing.....................................................25-5
Premium and standard listing..............................25—6
Types of public market......................................25-7
Regulated markets and multi-lateral trading facilities....25—8
Listing and regulated markets.............................25—9
The regulatory structure...................................25—10
Types of public offer......................................25—11
Offers for sale or subscription........................ 25—12
Placings.................................................25—13
Rights offers............................................25-14
Admission to Listing and to Trading on a Public Market
Eligibility criteria for the official list.................25—15
Exchange admission standards...............................25—16
The Prospectus.................................................25-17
The public offer trigger...................................25-18
Exemptions from the prospectus requirement on a public
offer......................................................25-19
The admission to trading trigger...........................25-20
CONTENTS
XXXI
The form and content of prospectuses........................25-22
Summary...................................................25—23
Supplementary prospectus..................................25-24
Registration statement and securities note................25—25
Verifying the prospectuses..................................25-26
Reputational intermediaries...............................25-27
Vetting by the FCA........................................25—28
Authorisation to omit material............................25—29
Publication of prospectuses and other material..............25-30
Sanctions.......................................................25-31
Compensation under the Act..................................25—32
(a) Liability to compensate...............................25—33
(b) Defences..............................................25-34
(c) Persons responsible...................................25—35
Civil remedies available elsewhere..........................25—36
(a) Damages.............................................25-3 7
(b) Rescission............................................25-39
(c) Breach of contract....................................25—40
Criminal and regulatory sanctions...........................25-41
Ex ante controls..........................................25-42
Ex post sanctions.........................................25—43
Cross-Borjder Offers and Admissions.............................25-44
De-listing......................................................25-45
26. CONTINUING OBLIGATIONS AND DISCLOSURE OF
INFORMATION TO THE MARKET
Introduction.....................................................26-1
Periodic Reporting Obligations...................................26-3
Episodic or Ad Hoc Reporting Requirements........................26-5
Disclosure of Directors’ Interests...............................26-9
Who has to disclose?........................................26-11
What has to be disclosed, to whom and when?.................26—12
Disclosure of Major Voting Shareholdings
Rationale and history.............................. .....26—14
The scope of the disclosure obligation
Which companies are subject to the regime?................26—16
When does the disclosure obligation arise?................26—17
Indirect holdings of voting rights........................26—19
Financial Instf umen ts.................................. .26—20
Exemptions................................................26-22
The disclosure process.............................. 26—23
xxxii CONTENTS
Sanctions.....................................................26-24
Compensation for misleading statements to the market......26-25
Compensation via FCA action...............................26-28
Administrative penalties for breaches.....................26-29
Criminal sanctions........................................26—32
Conclusion....................................................26-33
27* TRANSFERS OF SHARES
Certificated and Uncertificated Shares.........................27-3
Transfers of Certificated Shares
Legal ownership............................................27-5
Estoppel................................................. 27-6
Restrictions on transferability............................27-7
The positions of transferor and transferee prior to
registration...............................................27-8
Priorities between competing transferees..................27-10
The company’s lien........................................27-11
Transfers of Uncertificated Shares............................27-12
Title to uncertificated shares and the protection of
transferees...............................................27-14
The Register..................................................27-16
Rectification.............................................27-19
Transmission of Shares by Operation of Law....................27-21
28. TAKEOVERS
Introduction................................................. 28-1
The Takeover Code and Panel....................................28-3
The Panel and its methods of operation
The status and composition of the Panel...................28—4
Internal appeals..........................................28—5
Judicial review...........................................28—6
Powers of the Panel.......................................28—7
Sanctions..................’.............................28—9
The “cold shoulder ” and criminal sanctions..............28-11
The Scope of the City Code....................................28-13
Transactions in scope.....................................28-14
Companies in scope
Full jurisdiction to the Panel...........................28—15
Divided jurisdiction.....................................28—16
The Structure of the Code.....................................28-18
CONTENTS xxxiii
The Allocation of the Acceptance Decision.......................28-19
Post-bid defensive measures.................................28-20
Defensive measures in advance of the bid.................. 28—21
The break-through rule....................................28—22
Disclosure of control structures..........................28-25
Target Management Promotion of an Offer.........................28-26
Disclosure and independent advice...........................28-27
Compensation for loss of office........................... 28-28
Gratuitous payments.......................................28—29
Contractual compensation..................................28—32
Competing bids..............................................28-33
A duty to auction or a duty to be even-handed?............28—34
Binding the target board by contract......................28—36
Equality of Treatment of Target Shareholders....................28-37
Partial bids.............................................. 28—38
Level and type of consideration.............................28-39
Mandatory offers............................................28-41
Exemptions and relaxations................................28—43
Acting in concert........................................28-^44
Interests in shares.......................................28—45
Conclusion................................................28—46
To whom must an offer be made?..............................28^47
Wait and see................................................28^48
The Procedure for Making a Bid.................................28-^49
Before the approach to the target board.....................28-50
Company-triggered disclosures.............................28-51
Sanctions................................................28—5 3
Interests in shares and acting in concert.................28—54
Before a formal offer is made to the target shareholders....28-55
Put up or shut up.........................................28—56
Initial announcements.....................................28—57
The formal offer
Conditions................................................28—58
Timetable.................................................28-59
Bid documentation.........................................28—61
Employees interests.................................... 28—62
Profit forecasts and valuations....................... 28-63
Liability for misstatements...............................28—64
Dealings in shares...................................... 28—65
Solicitation..............................................28—66
The post-offer period
Bidding again.............................................28—68
The bidder s right to squeeze out the minority............28—69
Challenging the squeeze-out...............................28—73
The sell-out right of non-accepting shareholders..........28—75
XXXIV
CONTENTS
Conclusion..................................................28-77
29. ARRANGEMENTS, RECONSTRUCTIONS AND MERGERS
The Function of Schemes of Arrangement.......................29-1
Mergers...................................................29-2
Takeovers.................................................29-3
Other cases...............................................29-4
Creditors’ schemes........................................29-5
The Mechanics of the Scheme of Arrangement...................29-6
Proposing a scheme........................................29-7
Convening and conducting meetings.........................29-8
The sanction of the court.............................. 29—11
Additional requirements for mergers and divisions of public
companies................................................29-12
Cross-Border Mergers........................................29-16
Employee participation...................................29-20
Further uses of cross-border mergers.....................29-22
Reorganisation under Sections 110 and 111 of the
Insolvency Act 1986....................................... 29-24
Conclusion..................................................29-26
30. MARKET ABUSE
Introduction.................................................30-1
Approaches to Regulating Insider Dealing
Disclosure.............................................. 30-5
Prohibiting trading.......................................30-6
Relying on the general law................................30-7
Directors fiduciary duties.............................30—8
Breach of confidence....................................30—9
Misrepresentation.................................... 30—10
Prohibiting insider dealing..............................30-11
The Criminal Justice Act 1993 Part V........................30-12
Regulating markets.......................................30-13
Regulating individuals...................................30-15
Inside information..................................... 30-16
Particular securities or issuers.......................30-17
Specific or precise.................................. 30-18
Made public............................................30-19
Impact on price........................................30—21
Insiders.................................................30-22
Recipients from insiders...............................30—23
Mental element...........................................30-24
CONTENTS
XXXV
Prohibited acts........................................... 30-25
Defences....................................................30-26
General defences..........................................30—27
Special defences..........................................30—28
Criminal Prohibitions on Market Manipulation....................30-29
regulatory Control of Market Abuse
Background..................................................30-30
Insider dealing.............................................30-31
Dealing.........*........................................30-32
Inside information........................................30—37
Persons covered and exemptions............................30-38
Market manipulation
Transactions and orders to trade..........................30-39
Dissemination of information..............................30-40
Misleading behaviour and market distortion................30-41
Accepted market practices.................................30-42
Safe harbours...............................................30-43
Share buy-backs...........................................30—44
Price stabilisation.......................................30-45
Enforcement and Sanctions.......................................30^-7
Investigation into market abuse.............................30-48
Sanctions for market abuse..................................30-51
Penalties.................................................30-52
Injunctions..............................................3 0—5 3
Sanctions for breach of the criminal law....................30-54
Restitution orders and injunctions........................30—55
Disqualification..........................................30—56
Conclusion.................................................... 30-57
PART 7
Debt Finance
31. DEBTS AND DEBT SECURITIES
Introduction................................................... 31-1
Difference between debt (loans), equity (shares) and hybrid
instruments..................................................31-2
Should a company use debt or equity in its financing?........31-4
Different Structures in Debt Financing
Temiinology..................................................31-5
Defining a “debenture”................................... 31-6
Small and large scale loans.......................... 31-8
Debts and “debt securities”..................................31-9
XXXVI
CONTENTS
Single and Multiple Lenders
Single lenders.........;.....................................31-10
Syndicated loans.............................................31-11
Debt securities: distinguishing “bonds” and “stocks”.........31—12
Debt securities: trustees for the bondholders or
stockho lders.................................................31—14
Issue of Debt Securities
Private issues................................................31—15
Public issues of debt securities..............................31-17
Special rules: covered bonds..................................31-19
Transfer of Debts and Debt Securities
Transfer of simple debts......................................31—21
Transfer of debt securities...................................31-22
Protective Governance Regimes in Debts
General.......................................................31-24
Defining repayment terms......................................31—25
Protecting the debt holder against the borrower’s possible
default.......................................................31-26
Protecting multiple lenders from their lead intermediary......31—28
Protecting multiple lenders from each other...................31—30
Conclusion........................................................31-32
32. COMPANY CHARGES
Introduction.......................................................32-1
Security Interests
The legal nature of security interests.........................32-2
The benefits of taking security................................32—4
The Floating Charge
The practical differences between fixed and floating
charges........................................................32-5
Crystallisation................................................32—8
Automatic crystallisation....................................32—9
Priority accorded to floating charges.........................32-10
Negative pledge clauses.....................................32—11
Subordination agreements....................................32—12
Statutory limitations on the floating charge..................32—13
(i) Defective floating charges.............................32—14
(ii) Preferential creditors.................................32—15
(Hi) Sharing with unsecured creditors—the “prescribed
parr....................................................32-17
(iv) Costs of liquidation...................................32—18
(v) Powers of the administrator............................32—20
Distinguishing between fixed and floating charges.............32—21
CONTENTS xxxvii
Registration of Charges
The purpose of a registration system.........................32-24
The reformed registration system
What has to be registered..................................32-26
The mechanics of registration..............................32-27
Geographical reach of the registration provisions..........32-28
The effect of failure to register..........................32-29
Late registration..........................................32—30
Defective registration.....................................32-31
Effect of registration.....................................32-32
Reform proposals and registration systems elsewhere..........32-33
Enforcement of Floating Charges
Receivers and administrators.................................32-34
Receivership
Appointment of an administrative receiver..................32—37
Function and status of the receiver and administrative
receiver...................................................32—38
The receivers liability with respect to contracts..........32—40
Publicity of appointment and reports.......................32-42
Administration
Function...................................................32—43
Appointment................................................32-44
Powers and duties..........................................32^15
Protections for creditors and members as against the
administrator..............................................32^17
Publication of appointment.................................32^18
Administration expenses....................................32^49
End of administration......................................32—50
Conclusion.......................................................32-51
PART 8
Insolvency and its Consequences
33. WINDING UP, DISSOLUTION AND RESTORATION
Introduction..................................................„...33-1
Types of Winding Up.......................................... ...33-2
Winding up by the court
Grounds for winding up......................................33—3
Who may petition for a court ordered winding up?............33-4
Proof that a company is unable to pay its debts.............33-5
The courts discretion................................... 33—6
Liquidators, provisional liquidators and official
receivers........................................ .........33—7
Timing of commencement of winding up........................33-8
CONTENTS
xxxviii
Voluntary winding up—general
Instigation of winding up....................................33—9
Timing of commencement of winding up........................33—10
Members’ voluntary winding up
Declaration of solvency.....................................33—11
Appointment and obligations of liquidator...................33—12
Creditors’ voluntary winding up
Instigation of winding up...................................33—13
Appointment of liquidator...................................33—14
“Liquidation committee”.....................................33—15
Powers and Duties of the Liquidator...............................33-16
Collection, Realisation and Distribution of the
Company’s Assets
Maximising the assets available for distribution..............33-17
Statutory “claw back,f and avoidance provisions.............33—18
Statutory provisions requiring wrongdoers to make
contributions...............................................33—19
The common law “anti-deprivation principle ”................33—20
Benefit of the statutory claw backs and wrongdoer
contributions...............................................33—21
Proof of debts and mandatory insolvency set off...............33-22
Distribution of the company’s assets..........................33-24
Dissolution
After winding up
The normal process..........................................33—27
Early dissolution...........................................33—28
Striking off of defunct companies.............................33-29
Voluntary striking off........................................33-30
Resurrection of Dissolved Companies...............................33-31
Administrative restoration....................................33-32
Restoration by the court......................................33-33
Conclusion........................................................33-34
Index
PAGE
...1181
|
| any_adam_object | 1 |
| author | Davies, Paul L. 1944- Worthington, Sarah 1955- |
| author_GND | (DE-588)115462600 (DE-588)138508763 (DE-588)171162226 (DE-588)129526118 |
| author_facet | Davies, Paul L. 1944- Worthington, Sarah 1955- |
| author_role | aut aut |
| author_sort | Davies, Paul L. 1944- |
| author_variant | p l d pl pld s w sw |
| building | Verbundindex |
| bvnumber | BV043674637 |
| classification_rvk | PU 4364 |
| ctrlnum | (OCoLC)957679297 (DE-599)BSZ472994174 |
| dewey-full | 346.41/066 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 346 - Private law |
| dewey-raw | 346.41/066 |
| dewey-search | 346.41/066 |
| dewey-sort | 3346.41 266 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | Tenth edition |
| format | Book |
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| geographic | Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | Großbritannien |
| id | DE-604.BV043674637 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T17:42:16Z |
| institution | BVB |
| isbn | 9780414056268 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029087688 |
| oclc_num | 957679297 |
| open_access_boolean | |
| owner | DE-11 DE-739 DE-M382 DE-N2 DE-945 DE-703 DE-19 DE-BY-UBM DE-384 DE-355 DE-BY-UBR DE-20 |
| owner_facet | DE-11 DE-739 DE-M382 DE-N2 DE-945 DE-703 DE-19 DE-BY-UBM DE-384 DE-355 DE-BY-UBR DE-20 |
| physical | cxxxviii, 1225 Seiten |
| publishDate | 2016 |
| publishDateSearch | 2016 |
| publishDateSort | 2016 |
| publisher | Sweet & Maxwell Thomson Reuters |
| record_format | marc |
| series2 | Classics series |
| spellingShingle | Davies, Paul L. 1944- Worthington, Sarah 1955- Gower's principles of modern company law Finanzierung (DE-588)4017182-6 gnd Recht (DE-588)4048737-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd Handelsrecht (DE-588)4023249-9 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Unternehmen (DE-588)4061963-1 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4048737-4 (DE-588)4020646-4 (DE-588)4023249-9 (DE-588)4129472-5 (DE-588)4061963-1 (DE-588)4022153-2 |
| title | Gower's principles of modern company law |
| title_alt | Principles of modern company law |
| title_auth | Gower's principles of modern company law |
| title_exact_search | Gower's principles of modern company law |
| title_full | Gower's principles of modern company law Paul L. Davies QC (hon),FBA, Allen & Overy Professor of Corporate Law Emeritus, Senior Research Fellow, Harris Manchester College, University of Oxford, Sarah Worthington QC (hon), FBA, Downing Professor of the Laws of England and Fellow of Trinity College, University of Cambridge ; with a contribution from Dr. Eva Micheler, Reader in Law, London School of Economics and Political Science, Ao Universitätsprofessor, Wirtschaftsuniversität Wien |
| title_fullStr | Gower's principles of modern company law Paul L. Davies QC (hon),FBA, Allen & Overy Professor of Corporate Law Emeritus, Senior Research Fellow, Harris Manchester College, University of Oxford, Sarah Worthington QC (hon), FBA, Downing Professor of the Laws of England and Fellow of Trinity College, University of Cambridge ; with a contribution from Dr. Eva Micheler, Reader in Law, London School of Economics and Political Science, Ao Universitätsprofessor, Wirtschaftsuniversität Wien |
| title_full_unstemmed | Gower's principles of modern company law Paul L. Davies QC (hon),FBA, Allen & Overy Professor of Corporate Law Emeritus, Senior Research Fellow, Harris Manchester College, University of Oxford, Sarah Worthington QC (hon), FBA, Downing Professor of the Laws of England and Fellow of Trinity College, University of Cambridge ; with a contribution from Dr. Eva Micheler, Reader in Law, London School of Economics and Political Science, Ao Universitätsprofessor, Wirtschaftsuniversität Wien |
| title_old | Davies, Paul L. Gower and Davies' principles of modern company law |
| title_short | Gower's principles of modern company law |
| title_sort | gower s principles of modern company law |
| topic | Finanzierung (DE-588)4017182-6 gnd Recht (DE-588)4048737-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd Handelsrecht (DE-588)4023249-9 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Unternehmen (DE-588)4061963-1 gnd |
| topic_facet | Finanzierung Recht Gesellschaftsrecht Handelsrecht Kapitalgesellschaft Unternehmen Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029087688&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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